Bitcoin price analysis: BTC/USD buy opportunities, Bitcoin on long term supports

Technical analysis's main goal is to find favorable entry positions where the trader takes as less risk as possible in its market entry. This must take the form of specific stops, feasible to pay if the price, always unpredictable, takes a path different to that we thought.

Following yesterday's development, Bitcoin's setting is especially adequate to that end. BTC/USD is now standing upon a major trendline. Below that line, there are two other main trendlines that act now as the main supports. The closest support now is around $6,700, and its strength relies on its having given momentum to Bitcoin several times in the last year.

The second support stands at $6,000. It hasn't been as important as the previous one in the past, but it had a very important part in September when it was able to stop a drop from $5,000 to $3,000 in just a few days.

Finally, there's also a line of minimums that has only been tested once since BTC/USD exceeded $1,000. The test took place in July 2017 and held back a drop from $3,000 to $2,000.

Any of these trendlines could again rescue Bitcoin from sinking, and all of them are good buy opportunities, since they allow to establish close stop loss orders.

BTC/USD 240 min

Bitcoin keeps narrowing its intraday range and volatility, and the times of two percent digits movements seem to be gone. This trend has strengthened in April, confining the price to small ranges for what we were used to seeing in Bitcoin trading.

Long positions in the lower range, $6,600, with stops when a candlestick closes below $6,450, and a main goal at $7,800. Below $6,450, short positions with stop $6,590 and goal at $6,000.

The 240 min MACD follows volatility and reduces its slope and mark to signal difference. It is below 0 but still far from the end, which favors bears.

The Directional Movement Index shows a strong trend and also favors the bearish continuity. Purchases have increased in the past days, while sales are in high levels but slightly decreasing.